To finance their project, seniors must show their feet to their banker. - IStock / City Presse

At 60, you can still make plans. Resell your house to get closer to your children or taste the joys of the countryside after a life of urban labor, undertake renovations or change your car… All this requires turning to borrowing. An awkward process when you have passed the milestone of your sixties.

Convince the banker

There should be no illusions, the older a client, the longer the repayment of his credit will be when he will be more likely to suffer health problems. This is the reason why the reluctance of banks increases with the number of candles that you have already blown.

While borrowing is not a problem in your fifties, it becomes complicated once you pass the milestone of your sixties. Disposable incomes are falling, health is fragile and insurance is much higher.To obtain a loan at the most advantageous rate, it is then necessary to have comfortable resources, a contribution amounting to at least 10% of the amount of the credit and a borrowing duration as short as possible.

Very expensive insurance

Getting insurance at a reasonable price once you're in your sixties is a different story. Faced with increased health risks, the simple questionnaire traditionally required for borrowing leaves room for a proper medical examination for a candidate over 60 years of age. A step not to be taken lightly. In the event of omission on your state of health, however small it seems to you, the insurer could cancel your guarantee in the event of a problem.

Difficult to obtain, this cover is also more expensive, while its validity is short-lived. Death insurance generally ends at the age of 70 of the insured, while the guarantees provided in the event of disability or incapacity for work most often end at 65. It is therefore essential to read the outline of the contract in this area. To lower the bill and benefit from good coverage, seniors therefore have every interest in resorting to insurance delegation. This is an opportunity to turn to specialized insurers offering individual contracts dedicated to seniors, sometimes even up to 80 years of age.

Economy

Can we continue working after the statutory retirement age?

Economy

Expanding your swimming pool is possible, provided you pay the price

Adapted products

Banks have developed several financial products adapted to the profiles of seniors:

  • The "tiered loan": it consists of taking advantage of your asset income to pay higher monthly payments at a fixed rate in the first years of repayment, before switching to lower payments but based on a variable rate, from your retirement.
  • The mortgage life loan: if you are already a homeowner, your house is used to guarantee your loan. You then continue to live there, without any monthly payment. The credit will not be reimbursed until your death by the sale of the property or by your heirs.

  • Senior
  • Money
  • House
  • Credit
  • Housing